CVCheck, the ASX-listed resume verification company, has recently posted what qualify as the "best-ever revenues" for the third fiscal quarter as stated by the uprising corporate demand as the company surges towards the marker of breaking even.
The Perth-based integrated screening and verification company stated that quarterly revenues had raised to a record $3.3 million in the third quarter of 2018, an uptick of approximately 21% since a year prior. Additionally, cash receipts also climbed 12% compared to the same quarter of 2017, and 9% when compared to the three months before. Cash burn for the quarter was consequently $400,000, a 35% decrease from 2017, and a direct reflection of the management's focus on controlling expenses.
CVCheck added that business performance had "exceeded expectations" over the course of the quarter after a trend of powerful top-line growth deriving from corporate clients and a strong performing consumer division.
The company found particularly good purchase through the success of their initial revenues from the three recently secured HR platform provider partnerships.
Furthermore, multiple corporate integrations took place during the quarter, which facilitated further revenue boosts from their top tier clientele.
CVCheck Chief executive Officer Rod Sherwood said: “CVCheck now enjoys high level servicing ability across corporate, SME and individual customers. During the past quarter, CVCheck started to benefit from the commercial partnerships previously announced with three HR platform providers and its own bespoke integrations with top tier corporates witnessed those enterprises enter our top 10 customer group across the past quarter.”
“Despite the past quarter enjoying the strongest order flow in CVCheck’s history, this was not at the expense of customer satisfaction rates which improved markedly.”
“International companies approached us with increasing frequency seeking to partner and large enterprises sought us out as preferred provider for their verification needs.”
The company added that they would be continuing development on its artificial intelligence technology branch in the hopes of "enhancing customer experiences of its online CV verification platform".
Mr. Sherwood stated: “Cloud based services are deployed in our Australia and New Zealand environments, AI bots have been working side by side with our personnel throughout this financial year and we look forward to wider deployment of our recently initiated digital knowledge base to maximise customer retention and conversion.”
“Our world-class service is capturing growth in the Australian and New Zealand markets as the corporate market becomes more aware of the business, financial and reputational risk of not performing appropriate checks.”
“We are excited by the addressable market opportunity given the more developed US background checking market now represents an estimated US$1.8bn per annum.”
Sherwood has put over $330,000 into the company’s stock to pick up 5.15m shares at 6.5c a share during the quarter, and currently holds 5% of the register.